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MS Amlin establishes reinsurance sidecar

MS Amlin, the specialist global (re)insurer, today announced that a new Bermuda-domiciled special purpose reinsurer, Viribus Re Ltd, has been created to provide collateralised capacity support for MS Amlin Syndicate 2001’s global reinsurance portfolio in 2018. 

Viribus Re Ltd has entered into a quota share agreement with MS Amlin, incepting January 1, 2018, under which it will reinsure a share of MS Amlin’s worldwide property catastrophe excess of loss portfolio.

The vehicle has secured commitments of more than $60m. Capital has been committed by a number of third party investors, including MS Amlin, which has committed $5m. The combination of new investors in Viribus Re, alongside existing capital structures and partners, strengthens MS Amlin’s position as a leading global (re)insurer. 

James Few, Global Managing Director of Reinsurance at MS Amlin, commented: “This is an important long-term strategic initiative for MS Amlin as we continue to seek ways to build capacity and relationships with capital market partners, whilst providing us with greater scope and flexibility to support the evolving needs of our clients. We are delighted to have secured funding for Viribus Re Ltd from a range of new partners whom we look forward to working with closely in the future." 

Aon Securities acted as sole structuring and placement agent on the transaction. Willkie Farr & Gallagher UK (LLP) acted as deal legal counsel for the transaction. 

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About MS Amlin:  

MS Amlin is a leading insurer and reinsurer, part of the global top-10 insurance group MS&AD, with operations in the Lloyd’s, UK, Continental European and Bermudian markets. With a 300-year record and more than 2,400 people in 26 locations worldwide, we deliver continuity for businesses facing the most complex and demanding risks. Our role places us at the forefront of the Property & Casualty, Marine & Aviation and Reinsurance markets.   

We are experts in underwriting, with both technical capability and deep knowledge of the areas we insure. Our claims service aims to set the industry reference point for quality, with efficient, fair and timely claims management.